Capital Idea

Updated May 14, 1999 12:08 a.m. ET

T he art world has finally come around to the idea that the proper patron of contemporary art in a free society is the private sector. Ten years after the first skirmishes over National Endowment for the Arts funding, a group of foundations and philanthropists has announced the formation of Creative Capital.

An umbrella group designed to go where governments fear to tread, Creative Capital, unlike the NEA, isn't shy about its intentions. It plans to support midcareer artists "pursuing innovative, experimental...